"You can tell a Finn but you can't tell him much" (youcantellafinn)
01/09/2014 at 07:28 • Filed to: NORWAY, OIL MONEY
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"You can tell a Finn but you can't tell him much" (youcantellafinn)
01/09/2014 at 07:28 • Filed to: NORWAY, OIL MONEY | 3
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According to !!!error: Indecipherable SUB-paragraph formatting!!! you guys are now all theoretical millionaires. NEW HYPOTHETICAL CARS FOR EVERYONE!!!!
OSLO (Reuters) - Everyone in Norway became a theoretical crown millionaire on Wednesday in a milestone for the world's biggest sovereign wealth fund that has ballooned thanks to high oil and gas prices.
Set up in 1990, the fund owns around 1 percent of the world's stocks, as well as bonds and real estate from London to Boston, making the Nordic nation an exception when others are struggling under a mountain of debts.
A preliminary counter on the website of the central bank, which manages the fund, rose to 5.11 trillion crowns ($828.66 billion), fractionally more than a million times Norway's most recent official population estimate of 5,096,300.
It was the first time it reached the equivalent of a million crowns each, central bank spokesman Thomas Sevang said.
Not that Norwegians will be able to access or spend the money, squirreled away for a rainy day for them and future generations. Norway has resisted the temptation to splurge all the windfall since striking oil in the North Sea in 1969.
There is a little more detail in the article regarding how the oil fund is managed and what the money is actually spent on.
Happy Panda
> You can tell a Finn but you can't tell him much
01/09/2014 at 07:41 |
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If you mean smallish BMWs or Teslas, yes, it's a bit less than the base price of an Audi A8 per person, but I think most people would rather invest in property, with the average price for a small 2-room (50 sqm) in Oslo being 2.3 million Kroner it doesn't really buy much.
AeroEagle333
> Happy Panda
01/09/2014 at 07:48 |
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Yikes. Sounds a lot like the real estate situation in Silicon Valley.
P.S. Is there someone out there that can give me access to post to Oppo? I found a potentially awesome Saab on CL that I want to NPoCP.
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davedave1111
> You can tell a Finn but you can't tell him much
01/09/2014 at 07:55 |
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The whole point of a sovereign wealth fund is that the money can't be spent in the country which owns the SWF. So if Andy wants to spend his share, he'll have to buy one of us a car...
duurtlang
> davedave1111
01/09/2014 at 07:59 |
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Seems like a deal to me. Or lots of (good) beer, I'd like that as well.
Hoccy
> You can tell a Finn but you can't tell him much
01/09/2014 at 08:18 |
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Thanks! This fund is to make sure we can have our welfare for future generations as well, by essentially buying the rest of the world. We do spend a very small percentage of it each year, but that doesn't really show.
It's been discussed what would happen if each person got their million, and the conclusion is that it would make the Norwegian krone less worth. A million wouldn't get you anything.
The Prince of Peugeot
> You can tell a Finn but you can't tell him much
01/09/2014 at 09:23 |
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This sounds like theoretical "Internet money".
pdthedeuce
> You can tell a Finn but you can't tell him much
01/09/2014 at 15:25 |
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I , for one , welcome our Norwegian overlords .